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US Hits China's ZTE with $1 Billion Penalty

posted by mrpg on Saturday June 09 2018, @08:25AM   Printer-friendly
from the wow dept.

"exec" writes:

US hits China's ZTE with $1 billion penalty in deal to end crippling sanctions, Commerce Secretary Ross says

[...] "We are literally embedding a compliance department of our choosing into the company to monitor it going forward. They will pay for those people, but the people will report to the new chairman," Ross said in a "Squawk Box" interview.

ZTE's latest brush with U.S. regulators came after the company's business dealings with Iran and North Korea violated U.S. trade agreements. ZTE paid $1.19 billion in fines for those violations, but the dispute didn't end there. The Commerce Department then alleged that ZTE misled regulators and failed to discipline the employees responsible for the sanction breach.

The settlement deal includes $400 million in escrow to cover any future violations as well as requiring ZTE to change its board of directors and executive team in 30 days.

[...] In response to the announced deal, Senate Minority Leader Chuck Schumer said Thursday in a statement, "When it comes to China, despite [Trump's] tough talk, this deal with ZTE proves the president just shoots blanks."

Also at ZTE will pay $1 billion fine to beat US export ban

-- submitted from IRC

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  • (Score: 4, Interesting) by JoeMerchant on Saturday June 09 2018, @12:06PM (2 children)

    by JoeMerchant (3937) on Saturday June 09 2018, @12:06PM (#690758)

    $1B is a small win today, what are the implications down the road?

    We are literally embedding a compliance department of our choosing into the company to monitor it going forward.

    If they can give that teeth and make it stick, that's the real progress: Transparency.

    One of the hidden virtues of cryptocurrency is: Transparency.

    When everyone is able to track and prove what is going on, we can transcend this "diplomatic lie" bullshit that has been distant human relationships forever.

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  • (Score: 0) by Anonymous Coward on Saturday June 09 2018, @01:00PM

    by Anonymous Coward on Saturday June 09 2018, @01:00PM (#690773)

    Likely they won't actually pay it

  • (Score: 0) by Anonymous Coward on Sunday June 10 2018, @01:15PM

    by Anonymous Coward on Sunday June 10 2018, @01:15PM (#691086)

    If they can give that teeth and make it stick, that's the real progress: Transparency.

    One of the hidden virtues of cryptocurrency is: Transparency.

    Lolwut? Cryptocurrency won't tell you jackshit about spytech embedded in a company's hardware.

    how the fuck did you get modded up for that bullshit?